Sponsored by:
Assemblyman FRANCIS L. BODINE
District 8 (Burlington)
Assemblyman LARRY CHATZIDAKIS
District 8 (Burlington)
SYNOPSIS
Exempts from sales and use tax the sale of energy efficient materials for insulation and weatherization of residential property.
CURRENT VERSION OF TEXT
As introduced.
An Act exempting from the sales and use tax the sale of energy efficient materials for the insulation or weatherization of residential property, and supplementing P.L.1966, c.30 (C.54:32B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Receipts from the sales of energy efficient materials for the insulation and weatherization of a residential property are exempt from the tax imposed under the “Sales and Use Tax Act,” P.L.1966, c.30 (C.54:32B-1 et seq.).
b. For the purposes of this section, “residential property” means apartment buildings, condominiums, townhouses, and two-family and single family homes.
2. The Board of Public Utilities, in consultation with the Department of Community Affairs, shall adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C.52:14B-1 et seq.) and within six months after the date of enactment of this act, rules and regulations defining the types of materials that may qualify for the exemption allowed pursuant to section 1 of this act.
3. This act shall take effect immediately except that section 1 shall take effect on the first day of the second month after adoption of the rules and regulations required pursuant to section 2 of this act.
STATEMENT
This bill would exempt from the sales and use tax the sale of energy efficient materials for the insulation or weatherization of residential property. As defined in the bill, “residential property” means apartment buildings, condominiums, townhouses, and two-family or single family homes.
The exemption in the bill gives New Jersey residents an incentive to purchase more energy efficient materials for the insulation and weatherization of their homes.